Company news

IG Group's profit falls 10%, CFO to retire British online trading platform IG Group Holdings said on Tuesday its first-half profit fell 10% as it struggled with stricter regulations in Europe and Britain that curbed trading in certain products. The company, which expects to return to revenue growth in fiscal year 2020, said its pretax profit fell to 101.2 million pounds (US$131.59 million) in the six months ended Nov. 30 from 113 million pounds a year earlier. In a separate statement, IG Group announced the retirement of Chief Financial Officer Paul Mainwaring. – Nampa/ReutersBP's finance chief Brian Gilvary to retire in June British oil major BP Plc said on Tuesday its finance chief Brian Gilvary will be retiring after eight years in the role at the end of June and will be succeeded by Murray Auchincloss. Auchincloss is currently CFO of BP's Upstream segment. He will take up the new role and join the board on July 1, BP said in a statement. – Nampa/ReutersEasyJet sees H1 improvement on strong demand for flights British low-cost airline easyJet said its first-half performance would improve from last year as robust demand for flights helped it upgrade its forecast for revenue per seat. EasyJet on Tuesday said it now expected first-half revenue per seat to increase by mid to high single digits, compared to a previous forecast for it to rise by low to mid single digits. Reporting on the three months to Dec. 31, the airline also said its first-half headline pretax loss would narrow from last year, on strong demand for travel during its quieter winter period. It tends to make most of its profit in summer. – Nampa/Reuters Logitech's adjusted operating income rises 5.9% Logitech International SA reported a 5.9% rise in adjusted operating income for the third quarter on Tuesday, boosted by higher demand for its gaming and video conferencing products. Adjusted operating income rose to US$151.7 million in the quarter ended Dec. 31 from US$143.2 million a year earlier. Logitech, which makes computer peripherals such as keyboards and mouse, said its sales rose 4.4% to US$902.7 million in the quarter, edging past analysts' estimates of US$900 million, according to IBES data from Refinitiv. The company posted strong growth across its three biggest units, with gaming and video collaboration businesses growing at a double-digit rate, Chief Executive Officer Bracken Darrell said. – Nampa/ReutersFacebook targets UK growth with 1,000 hires this year Facebook will hire 1,000 people in London this year in roles such as product development and safety as it continues to grow its biggest engineering centre outside the United States after Britain leaves the European Union. Over half of the new jobs will be in technology, including software engineering and data science, Facebook's vice president for Europe, the Middle East and Africa Nicola Mendelsohn said in an interview. Other roles will be in the "community integrity" team, which makes products to detect and remove harmful content from platforms like Facebook, Messenger, Instagram and WhatsApp. Mendelsohn said London's appeal was not only in its technology ecosystem but also the strength of its creative industries. Air France-KLM proposes buying 49% of Malaysia Airlines Proposals to invest in ailing Malaysia Airlines include one from Air France-KLM which wants as much as 49% while Japan Airlines is looking at a 25% stake, sources with knowledge of the matter said. Domestic carrier AirAsia Group Bhd and Malindo Air, the Malaysian arm of Indonesia's Lion Air, have also submitted proposals, the sources said. The Malaysian government has been seeking a strategic partner for its national airline, which has struggled to recover from two tragedies - the mysterious disappearance of flight MH370 and the shooting down of flight MH17 over eastern Ukraine. In 2014, it was taken private by sovereign wealth fund Khazanah Nasional Bhd, which paid 1.4 billion ringgit (US$345 million) for the 30% of shares it did not already own. – Nampa/ReutersBoeing seeks to borrow US$10 billion or more Boeing Co is in talks with banks about borrowing US$10 billion or more amid rising costs for the U.S. planemaker after two crashes involving its 737 MAX jetliner, a source told Reuters on Monday. CNBC first reported the news on Monday, citing sources that Boeing has so far secured at least US$6 billion from banks and is talking to other lenders for more contributions. A source confirmed the talks to Reuters, but it was still not clear how much Boeing would seek to raise and whether it would pursue the selling of new bonds. One key issue for Boeing is flexibility since it is not clear how long the 737 MAX will remain grounded. Boeing declined to comment. – Nampa/Reuters

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